In response to requests from wealthy customers and dealers, the luxury automaker, Ferrari has decided to explore the potential of cryptocurrencies. Ferrari is also actively looking into how to bring this payment option to Europe.
Ferrari is taking advantage of this chance because they think cryptocurrencies have done a great job of lowering their carbon footprint.
Ferrari wants to get rid of all carbon emissions from its value chain by 2030. It plans to do this by using new software and renewable energy sources.
Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, told Reuters that the company’s decision to change its strategy was made because of rising market demand and dealer interest.
Many of Ferrari’s esteemed clients have already invested in cryptocurrencies. Because this was an innovative choice, the brand can try new ways to do business that fit the changing tastes of its customers.
Galliera didn’t say how many cars Ferrari plans to sell with cryptocurrency payments, but he did say that the company has a lot of orders and won’t have any openings until well into 2025.
Ferrari wants to explore this growing market by getting into cryptocurrencies while keeping its strong position in the luxury car market.
For the first part of its move into the cryptocurrency space in the U.S., Ferrari has teamed up with BitPay, one of the biggest cryptocurrency payment processors.
This partnership makes it possible to send and receive Bitcoin, Ether, and USDC, which is one of the most well-known stablecoins. Importantly, Ferrari promises its customers that prices will stay the same and there will be no extra fees or surcharges for using cryptocurrencies.
As a safety measure against price changes, BitPay will quickly convert cryptocurrency payments into fiat money on behalf of Ferrari’s dealers.
BitPay will also carefully check the virtual currencies to make sure they are real and not used for illegal activities, money laundering, or tax evasion.
According to Galliera, Ferrari dealers in the U.S. have shown a lot of interest in this innovative project, and a large majority of them have either already signed up for it or are in the process of doing so.
Galliera was sure that other dealers would soon follow suit with this new idea, which would make crypto transactions possible in a wider range of luxury car businesses.
Ferrari looks to bring this way of paying with cryptocurrency to Europe by the first quarter of next year. They will then look for opportunities in other places where cryptocurrency is legal. Notably, Europe, the Middle East, and Africa (EMEA) is Ferrari’s biggest market.
This move shows that Ferrari is committed to keeping up with new technology, adapting to changing consumer tastes, and proving that it is a leading luxury car company.
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